Stella Dimoko Korkus.com: Femi Otedola Reportedly No Longer A Billionaire

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Monday, 17 October 2016

Femi Otedola Reportedly No Longer A Billionaire

Oil tycoon’s fortune plunges to $550 million from $1.8 billion...



Nigerian businessman Femi Otedola‘s net worth has plunged from $1.8 Billion to $550 Million following a massive drop in the stock price of Forte Oil, the Nigerian Stock Exchange-listed petroleum marketing company.

As at the close of trading on Friday, Forte Oil’s share price plunged to a one-year low of N145 ($0.44) per share, down from an all-time high of N342 ($1.1) in March this year when FORBES published its annual ranking of the world’s richest people.

Apart from the tumble in Forte Oil’s stock price, Otedola’s fortune has also been adversely affected by a central bank devaluation of the Naira in June. In dollar terms, the devaluation in addition to Forte’s floundering share price has knocked about $1.3 billion off the value of Otedola’s fortune which was pegged at $1.8 billion in March.

Otedola, who is Forte Oil Plc’s Chairman, is now worth only $550 million as at the close of business of Friday, according to the FORBES’ billionaires’ database.
Femi Otedola was unavailable for comments. However, an analyst at a Lagos-based Investment bank hinted that the share price drop may not be unconnected to the current recession in Nigeria that has witnessed 2 consecutive quarters of negative growth with inflation soaring to levels as high as 17%.


Culled:  forbes.com


83 comments:

Ada Nwanbueze said...

Chia is recession the causer?

GERMAN JUICE said...

Hmmmmm not a good one.

Bootylycious diva said...

When all road been closed in Buhari government ,Buhari is working but the truth is the average Nigerian is paying for it

Anonymous said...

No problem, he still get money. Wale tinubu just did, Ok let me keep shut

CHI EXOTIC CHI EXOTIC said...

Eeya
Will his daughters now stop being all up in my face with their everyday photo shoot?

Queen of Queens said...

Still very rich.

General Zod said...

One man has lost $1.5billion. Femi cannot be happy with Buhari's Government.
On the brighter side, he is still a Billionaire in Naira..

Blessing Jackson said...

He's still rich! Some people no smell that kind money

Jules Louis said...

Well, 500 million dollars is still a whole lot of money. So enjoy oga Femi

white Berry said...

Alright noted

I am the queen and the boss of this blog said...

Kwakwakwakwa...
Serves him right!...
Shey he was clamouring for change!..
Meanwhile,is that why he sent his daughter to Dangote to gbensh?...
Oriegwu oh!...

Cynthia Iyede said...

He's still ok.

Bianca BRUNO said...

Na wa oh. Take heart oh.
Epele

Joiedevivre said...

Meanwhile I dey look for 200 dollars? Abeg, he is very rich

TM David-West said...

Ona fu ose, ona fu nkpiru-ite

One trillion said...

End time cuppy

CherryCee said...

Hmmmmmmmmm..queen queen......

Anonymous said...

You worth 500musd and you have loans worth a billion usd....happy balling

Beloved said...

What ?.

Vuhari must hear this from the oza room

usani osim said...

Of cos! Abi u feel say na him village pple?

usani osim said...

Nne fear God small biko! LOL whts the worth of his daughter's punani biko? Is it worth even 1 dangote trailer?

usani osim said...

He's should simply pay 10% of what he's worth as tithe make I pray give am,#prayerChangesThings

Starjoy said...

The rich also cry

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Sexy Ebony said...

He still has money,it is not easy even in this recession period,but if he is not satisfied with his fortune,he can transfer all to me# lolz# but all the same.

Kim Kardashian Aka portable queen of sdk blog said...

Recession plus women

Zitel Coconut oil Onitsha 08081725441 said...

Recession things. Mehn our economy needs annoiting

Boo's Barny said...

When he is making unnecessary expenses, how can a Gas Station have a face or ambassador,and still be paying for her services in the other room.. I didn't call anybody's name oo

stephan said...

Chai! Nne release the story oo, m all ears biko.

Asa nwa said...

Lmao

Asa nwa said...

You seem to know everything. Make i join your train abeg

James' hater said...

Hahahha

chief-chief said...

Make I hear the other blogger carry this news, famzing no go ever allow her.

James' hater said...

You must be a bitter and lost soul. How comfortable are you as a woman saying evil about other women

chief-chief said...

Bia queen, abi Linda, when u go bring your toto make I fuck again. E no too sweet bt nw nothing dey for me so I fit manage am. Bia ka m raa gi otu. I ma ka m si eme gi ya na.

Miz Cindy said...

Buhari will keep buharising until he reduces to #100, here's your change.

Anonymous said...

You are becoming too lousy, watch what you say. Everything is not joke.

MrsB said...

Wow that's about two thirds gone.

Nwa said...

Pls what can i do with tigernut chaff, can i use it as flour as regards weightloss or should i throw it away

LUCILE COCONUT OIL ABUJA 07059605320 Pin- 2BC6235E said...

Chai,he will rise again in Jesus name

LUCILE COCONUT OIL ABUJA 07059605320 Pin- 2BC6235E said...

Chai,he will rise again in Jesus name

Tush baby said...

Still rich in my own definition.

viva ciara said...

Aha Queen
Beyonce hands for you oo.

Omasiri said...

Still a billionaire in naira

Broomstick said...

Dear Lord, may I someday be worth $550 million and have it said I'm worth ONLY...Amen

Anonymous said...

@Queen and Bus, everybody don't sleep around like u. And have U taken your family for the HIV test ?

Gbogbo bigz girlz said...

No more subsidy to steal

APC are shitheads said...

All these small brains saying "he's still rich" do you know what it signifies? Y'all are relatively poorer by half. You should not say at least hes still rich.. say Damn, Nigeria is poorer! Shame to Buhari.. under you the economy is withering and you are still proud

Chikito The Professional Runs Girl said...

Wonders!! That his xieny gf on IG go dey squeeze face now oh! This recession is real So his daughters should understand the times and seasons and listen to what the spirit of the Lord is saying and pipe for down for now oh! Hmmm.... okay!

Quiksilver said...

Lol

Lilly simple said...

ChaiiiiiIii
Linda Eze
Your mouth ehhhhhhh
E no get part 2

DonMayor said...

Motherfucker were you there? Running your mouth like a faulty faucet. Omo ofo

Shyla said...

Converting to naira, he is still a billionaire. I no just gbadu the man sef.

Anonymous said...

You for join dem nau and still not get paid. Rumour monger.

Thatigbobabe(Lilyflower) said...

Is that why your daughter is gbenshing Dangote.
Keeping up with the Cuppies coming up soon. Aaarrh

IJAY said...

At least he is still in millions

Nwa ndu loves IreneB said...

🔥🔥🔥🔥🔥🔥jheeze

Anonymous said...

Linda,Linda
Na only you sabi everything wey dey happen for corner

Anonymous said...

Queen queen, I saw your comment on NGL.

charitybino said...

Queen and boss, why laugh at others misfortune?

Anonymous said...

Don mayor Linda's bf, I love both of una, I take ds info to d bank correct girl.

Anonymous said...

Causer kwa

DonMayor said...

Her AIDS is full blown .

Cynthia Iyede said...

Hehehehe....and their endless tours too.

Fity said...

Recession or not,550 million dollars is still Oga oooooooo,abeg mke them give me just 5million dollars,I go comot d word recession from dictionary replace am wf reduction

Anonymous said...

@ chikito,really# and pipe for down for now.....gbagaun gbagaun but you're always quick to pick spec in other people's eyes.you're just a sick animal.stupid hater,even if femi lost money in a business,he can never get broke for life,you're just jealous of his children cos they got the life you wish for but will never have.fake ass girl.must you have an opinion on every post.google specislist

Anonymous said...

Over sabi kill this chikito die.if his girlfriend doesn't squeeze face go and squeeze it for her.foolish cheap runs girl.you're just jealous,see how you're forming familiarity like you know the girlfriend personally.

Anonymous said...

Don't mind that Queen and boss we all know on this blog that she is mentally deranged,we have accepted her like that,just take her comments with a pinch of salt.she's not well at all.

Anonymous said...

Queen and boss,chikito is trying to drag madness with you.you better hold your post wella,don't let that stupid bitch chikito try take your shine on sdk.people don't like chikito anyway,she's just an idiot living in la la land.

Fuck you said...

Tell ur daughter to stop dat stupid show...she will never be d kardashians...maybe with dis u go leave tiwa alone...Akuna man

Anonymous said...

Femi otedola d prince of darkness

General Zod said...

You are the small brained one. $500 million is still rich. Everyone knows Nigeria is poor. So?

Esther amaka said...

Lol, abi o. Usani, e be like say I go join ya 'teke'. Wait make I jack this my papa bible come. We need coconut and broom?

Esther amaka said...

Hehehehe.... ain't mocking him o but like u said, on a brighter side.

Esther amaka said...

Amen! Amen! Ameeeeeeeen!

Loveme Jeje said...

Lol the Queen has spoken. Don Mayor seems you like our queen. The two of you are nut cases. Abeg make una allow me no laugh much

Anonymous said...

What girlfriend Chikito? When was the last time xeinny saw Femi? Lmao, Femi ducked Luscious after Xeinny introduced them behind Xeinn's, that's what caused a big rift between them. If you know Femi,you will know he's a confusionist. Randy talkative fool

Amunidara said...

Welcome, Yorkie Terrier

Anonymous said...

Issokey seen

Anonymous said...

Is this going to be online? If not, state your location pls.

Mao Akuh said...

He's still a Billio...

Anonymous said...

I blame dj cuppy

Anonymous said...

in naira he is still pretty a bilionaire

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